Shares in crypto exchange Gemini surged after hours as stronger-than-expected fourth-quarter results showed revenue growth driven by credit card adoption and a reworked fee structure.
Gemini reported on Thursday that its Q4 revenues rose 39% from the year-ago quarter to $60.3 million, reportedly beating analyst expectations of $51.7 million.
It reported a net loss of $140.8 million for Q4, deepening from its $27 million loss from a year ago. Gemini posted a total 2025 loss of $585 million, ahead of its total 2024 losses of $156.6 million.
Gemini co-founders Cameron and Tyler Winklevoss said in a shareholder letter that Q4 was the company’s highest quarterly revenue in three years, even with trading volumes declining, the revenue gain was reflective of “deliberate fee structure work through the back half of the year.”
Shares in Gemini (GEMI) initially jumped 14% after hours on Thursday to a high of $6.83, but settled at $6.36 for a gain of 5.8% after ending the trading day flat at around $6.
The results are Gemini’s second after going public in September and came amid a broad crypto market decline in late 2025, which saw Bitcoin (BTC) rapidly decline from its all-time peak above $126,000 in October.
Gemini lays off 30% of staff so far this year
In February, Gemini said it was withdrawing from the UK, the EU and Australia, citing challenging market conditions. The company also planned to lay off 25% of its workforce, in part due to artificial intelligence.
In their letter, Cameron and Tyler Winklevoss said Gemini had reduced its workforce by “roughly 30% since the start of 2026,” citing an increased use of AI.
“Today, AI is used in more than 40% of our production code changes and we expect that number to climb to close to 100% in the not-too-distant future,” they said. “Not using AI at Gemini will soon be the equivalent of showing up to work with a typewriter instead of a laptop.”
The Winklevoss brothers said the company’s plan this year was to “focus and double down on America,” adding they were encouraged by the pro-crypto stance of US market regulators.
Prediction markets and credit card key 2026 priorities
Gemini launched its in-house prediction market, Gemini Predictions, across all 50 US states in December, shortly after it obtained a license from the Commodity Futures Trading Commission.
Related: Gemini bets on ‘super app’ as stock sinks to record low on Q3 results
The company said it would refine and expand its prediction market offering and also scale its credit card and exchange.
The Winklevoss brothers said Gemini would “shift into becoming a markets company with Gemini Predictions” and use that infrastructure for its perpetual futures contracts once they’re approved in the US.
Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?
